Chinese exports accelerate as USA prepares new tariffs in heated row

10 August, 2018, 06:34 | Author: Lora Ball
  • Trade war US finalizes new batch of tariffs on $16bn of Chinese products

The announcement is the latest round in a tit-for-tat trade conflict between the world's two largest economies which has left global markets on edge.

Amid a steep correction in crude prices, China said on Wednesday that it would impose a 25-percent tariff on U.S. imports worth US$16 billion, including crude oil, diesel, cars, coal, and steel products, in retaliation to the U.S. list of US$16 billion worth of Chinese imports that will be taxed by U.S. authorities from August 23. More tariffs are planned, including duties of 25pc on an additional $16bn of Chinese goods that the U.S. will impose in a fortnight.

Vacationing at his Bedminster, New Jersey golf club, the president on Tuesday promised a dinner gathering of chief executives that the United States and China would soon have a "fantastic trading relationship".

The latest tariff salvos stem from Trump's complaint that China is unfairly acquiring American technology via coercive joint ventures with USA companies, cybertheft and other violations of intellectual property rights.

President Donald Trump has suggested he may tax effectively all imports of Chinese goods, which reached more than US$500 billion past year.

China's latest tariffs will be implemented on August 23, in tandem with the U.S.

Several industry bodies in the USA representing agribusiness, retail and technology have said the Trump administration's tariffs are hurting them and will cause long-term damage to farmers, manufacturers and consumers.

More news: 3 killed as magnitude 7 natural disaster rocks Indonesia’s Lombok island

The office of US Trade Representative Robert Lighthizer said its "exhaustive" investigation showed that "China's acts, policies and practices related to technology transfer, intellectual property and innovation are unreasonable and discriminatory and burden US commerce".

The Trump administration ramped up the pressure for trade concessions from Beijing last week by proposing a higher 25 percent tariff on $200 billion worth of Chinese imports.

It is now highly likely that China will retaliate, as promised, with its own $60 billion tariff round.

China has threatened to retaliate on any additional USA tariffs tit-for-tat.

The tranche of 25 per cent tariffs - which covers 279 products including electronic parts, plastics, chemicals, batteries, tractors and railway cars - follows $US34 billion worth of tariffs announced by the U.S. government in July. But it held off on a final $16 billion as a result of concerns raised by United States companies. Over the weekend, Trump told a rally he holds the advantage over China, adding playing hardball on trade is "my thing". The list is heavy on industrial products such as steam turbines and iron girders.

This article was written by Damian Paletta, Amanda Erickson and David J. Lynch, reporters for The Washington Post. But it was 11 percent higher than in the same month past year. "They are aimed at fellow Americans", the economist said.

Recommended:



Popular

Boy's remains found at New Mexico desert compound
Hogrefe said the adults and children had no shoes, wore dirty rags for clothing and "looked like Third World country refugees". When the Sheriff's Office Response Team moved on the compound, the only things they found for food were some potatoes and rice.

2 women charged in Brooklyn nail salon brawl
Zhing was hospitalized with visible injuries to her face and body, and Thomas refused medical attention, according to police. The video shows what happened next, with several women attacking one customer with chairs and brooms.

Tesla shares halted as Elon Musk tweets he'll take the firm private
Taking Tesla's shares out of public markets would make it much more hard for people to engage in short selling of Tesla's stock. What seemed like a joke at first may be serious and as the company's stock price went insane , trading had been halted .

State GOP would rather not mention Trump in campaign
Troy Balderson, who is running in Tuesday's special election for an open congressional seat against Democrat Danny O'Connor, the Franklin County recorder.

Raging Mendocino Complex fire becomes largest in California history (VIDEOS, PHOTOS)
More than 129 million trees have died since 2010 in California , a problem that state officials trace back to climate change. The victim was a 21-year-old Pacific Gas and Electric worker who was working to restore power lines damaged in the fire.

Gen Pixel's Overview screen allows for text selection on Android 9 Pie
The Material Design approach isn't new to Google or Android, but the new theme adds white space and rounded corners. After opening up the app switcher, hold your finger down on any bit of text in one of the previews.

The $10 million Tiger Woods-Phil Mickelson showdown has a date
Mickleson saying, "Now, I don't know if he wants a piece of me, but I just think it would be something that would be really fun". The online bookmaker has Woods, a 14-time major champion, at $1.67 ahead of five-time major victor Mickelson ($2.10).

Motorola's new Moto Z3 smartphone can be UPGRADED to 5G tech
The Moto Z3 shows how much Motorola is off the radar this year as the device comes with last year's Snapdragon 835 SoC. The connectivity option includes, 4G VoLTE, Bluetooth v5.0, Wi-Fi 802.11 a/b/g/n/ac, GPS/ A-GPS, and USB Type-C.

Employment overall lags, while trucking adds 4400 jobs in July
Strong demand from consumers and businesses sharply reduced the stockpiles of goods held on many store shelves and warehouses. But the Bureau of Labor Statistics revised the past two months upward by 59,000 to 248,000 jobs in June and 268,000 in May.

Sarri admits Chelsea are underdogs ahead of Community Shield
Both sides have four victories apiece in the fixture. "I am going to learn a lot to see him every weekend", Guardiola added. Saturday will mark the tenth anniversary of Sheikh Mansour's purchase of the club and what a transformation he's made.